Switch Mortgage - Stay with current provider

paul90

Registered User
Messages
2
Hi all,

I'm currently on a 2 year fixed rate (2.3%) mortgage with Ulster Bank. I'm nearing the end of the 2 year term and beginning to look at my switching options. I've taken a look at the rates that are currently available in the market. My LTV is currently just below 60%.

I'm weighing up the pro/cons of staying with Ulster Bank rather than switching to another provider. I know they have a facility online that allows the customer to select a new product within 60 days of the current fixed rate coming to an end. I'm not yet in the 60 days so trying to do a bit of research in advance. The questions I'm asking are as follows:
  • If I stay with Ulster Bank, what rates are they likely to offer. Are the rates they offer the same as New Customers or the same as Customers switching from another provider or something different?
  • If I stay with Ulster Bank and move to another fixed rate product provided by them - do I need to do anything from the legal perspective? (I'd understand I'd need to engage with a solicitor if I switched lender but is that requirement removed if I simply switch product but stay with the same lender)
  • When I complete my 2 year term, do Ulster Bank allow an overpayment prior to me moving onto a different fixed term product?
Any advice would be greatly appreciated - looking forward to hearing your views.

Kind regards,
Paul
 
Q2 = no sol involved if you simply switch rate / product with the same lender

Q3 = after the fixed-rate period expires, the mortgage defaults to a variable rate.

Variable rate means anybody can make any lump-sum payment at any stage.


NB: I presume you know that UB offer the facility to make 10% over-payment in the fixed-rate period.
 
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